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The 3 Elements of a Successful Trader

  • #161
  • Edited 3:36am Nov 17, 2012 3:21am | Edited 3:36am
Day Trading:

- Make entry(s) early, buy low & sell high..
Do not buy into resistance/ sell into support.

- Trade like a 'Robot' (execute trade unemotion/ mechanically).
  • #162
  • Edited 3:21am Nov 24, 2012 3:00am | Edited 3:21am
Psychology
- Get rid of negativity feeling/thought pattern: hesitation, regret, 'hoping', 'revenge'..

System( Price action)
Master the skill/ knowledge of drawing/noticing Confluence(SR, TLine, Fib 50..)
& Fractal(chart formation, waves, candlestick patterns..)
Have a good setup entry(s) and profit from it.
  • #163
  • Nov 24, 2012 4:20am Nov 24, 2012 4:20am
Quoting Les Lau
Recently i contemplate a lot on what makes a trader successful.
Here's my insight.. .

Edge(system) + Discipline(psychology) + Good Karma(spiritual)
= Successful Trader

System, psychology, spiritual, these 3 elements are interconnected.
Trader should improve & work on these 3 areas.

I will post more about this topic, everybody is welcome to give ur
precious comments as well..

Cheers!
So if you're an atheist can you be a good trader? lol.
  • #164
  • Edited 4:50am Nov 24, 2012 4:27am | Edited 4:50am
Quoting isaacyassar
Agreed.
This is in agreement with Law of Attraction.
Well that's great to hear lol, how's that working out for you?
  • #165
  • Nov 24, 2012 9:16pm Nov 24, 2012 9:16pm
Quoting evertontrade
So if you're an atheist can you be a good trader? lol.
Karma is reap what you sow. Karma is what goes around comes around.

Whether a person is an atheist or from any type of religion, he/ she is subjected to 'Karma' (just like gravity).
  • #166
  • Nov 26, 2012 8:43am Nov 26, 2012 8:43am
Quoting Les Lau
Karma is reap what you sow. Karma is what goes around comes around.

Whether a person is an atheist or from any type of religion, he/ she is subjected to 'Karma' (just like gravity).
and who enforces this balance?
  • #167
  • Nov 27, 2012 3:56am Nov 27, 2012 3:56am
Quoting evertontrade
and who enforces this balance?
It's the Law of Nature..

Who enforces 'gravity' ??
  • #168
  • Nov 27, 2012 5:11am Nov 27, 2012 5:11am
Quoting Les Lau
It's the Law of Nature..

Who enforces 'gravity' ??
Karma is a religious concept which has nothing to do with nature. The idea that all the bad people in the world face retribution in some sort of universal balance mechanism to me is naive. It would be great if that was the case but when you look at the world you can clearly see it isn't.

To be successful in trading you need to deal in facts and reality without superstition in my opinion. Personal well-being will definitely help your state of mind so I'm with you there if that's what you meant originally.
  • #169
  • Nov 30, 2012 7:39am Nov 30, 2012 7:39am
Psychology:
Get rid of negative comment(s), (thought/ speech)
be understanding, smile have (a sense of) humour out of it.

Be Compassion
Humble
Confident
  • #170
  • Edited Dec 2, 2012 7:35am Dec 1, 2012 11:53am | Edited Dec 2, 2012 7:35am
Edge(System):

To be profitable for Intraday Trading
Use 'reversal(s)', price rejection, early/mid breakout,
instead of 'trend trading'.

Unless it's just before/after market opening(eg. within 5 min)
we can trade base on 'trending break out'
(a nice pattern but not happen frequent..)
  • #171
  • Dec 2, 2012 9:55am Dec 2, 2012 9:55am
Probability:
The probability of flipping either a head or a tail is 50%..
If you do this once,

What if we flip a coin many times: 2,3,..10,..,100,.. x1000,.. xxxx,..??
The statistical results will have infinite variations..

What about the probability?
Answer: (Not Null. It's still) 50%


Probability is 'chance'.. (potential not yet actualised)
  • #172
  • Edited 11:50am Dec 16, 2012 12:42am | Edited 11:50am
The overall financial market is inter related.. currency & commodity, equity, precious metal, real estate..

Trading is NOT a zero sum game, as long as the nett world economy is growing
(estimate for at least another 20-30 years).
  • #173
  • Dec 16, 2012 1:52am Dec 16, 2012 1:52am
Hi LesLau, flipping a coin will be our next solution for Never Lose in Forex - Guaranteed by Chicky soon. Check in out!!!!

Quoting Les Lau
Probability:
The probability of flipping either a head or a tail is 50%..
If you do this once,

What if we flip a coin many times: 2,3,..10,..,100,.. x1000,.. xxxx,..??
The statistical results will have infinite variations..

What about the probability?
Answer: (Not Null. It's still) 50%...
  • #174
  • Edited Dec 17, 2012 1:17am Dec 16, 2012 11:44am | Edited Dec 17, 2012 1:17am
Quoting Fxbay
Hi LesLau, flipping a coin will be our next solution for Never Lose in Forex - Guaranteed by Chicky soon. Check in out!!!!
Hi Fxbay, coin flipping is for education purpose(probability concept).. not for trading solution/ method.
  • #175
  • Dec 16, 2012 12:23pm Dec 16, 2012 12:23pm
Les,

The essence of trading is summed up in my signature line!
Plan, Prepare, Execute, Repeat
  • #176
  • Dec 21, 2012 2:36am Dec 21, 2012 2:36am
Quoting swingtrade65
Les,

The essence of trading is summed up in my signature line!
Trading is about managing yourself and your own destructive behaviors.....
Trading is about money management.....
Trading is about taking money from those who cannot do the first two....
Swingtrade65,

True also..
  • #177
  • Dec 21, 2012 2:39am Dec 21, 2012 2:39am
Wishing Everyone A Merry Christmas & Happy New Year 2013.. !!
  • #178
  • Dec 21, 2012 2:45am Dec 21, 2012 2:45am
Quoting Les Lau
Wishing Everyone A Merry Christmas & Happy New Year 2013.. !!
May I join to the congrats?
  • #179
  • Dec 26, 2012 6:52am Dec 26, 2012 6:52am
I think the 3 elements of a successful trader ... your Trend (based on your analysis) + Fib (based on your trend) + psychology (based on your Emotions )........ no more
let the chart to be your chauffeur ... -Forexmnstr-
  • #180
  • Edited 7:05am Dec 26, 2012 7:05am | Edited 7:05am
Knowing what the markets fundamentally are. Like, the history of the first futures options or the history of the first bubble to what market makers are, how the markets really work, what they are for, to what action directly results in price moving and things like that.

Having money management. Betting your house on a bet isn't sound at all.

Confidence. It's easier to know how to win rather than actually winning. Letting plans come to full fruition and such.

One doesn't need a successful system, per se, to be successful. One needs to be able to trade successfully to be a successful trader. Successful system doesn't equal successful trader.
Play the players, not the cards.
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